According to a lawsuit filed by Playboy Enterprises shareholders, Hugh Hefner, 83, cares more about his decadent lifestyle (think, celebrity-studded pajama parties and group frolics in the Grotto) than he does about the company's well-being. Hefner owns 70 percent of Playboy Class A stock — the only kind that carries voting rights — and has repeatedly dismissed takeover offers even as company stock has tanked. The plaintiffs point out that Playboy owns Hefner's iconic mansion, which means he'd have to find a new playground were he to sell. Is a defiantly hedonistic Hef running his media empire into the ground?
Hef is isn't the only problem: Playboy's shareholders really are getting screwed, but tough times in the media business are probably a factor, too, says TMZ. Playboy sold for $36 a share in 1999, but now goes for around $3.15 a share — that's half the price of a copy of Playboy, which "sells for $5.99...because of the articles."
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